MNS, the same firm that brings us monthly rental market reports, is adding another type of number-crunching to its repertoire today with second quarter new development market reports for Manhattan and Brooklyn. The outlook? We wouldn't go so far as to call the market hot, but it's?getting warmer. Maybe zap it for a few more minutes in the microwave?
Manhattan condo new development sales are, on a price per square foot basis, up 6 percent, while the average sales price is up 18 percent year-over-year. The MNS report highlights a few of the new developments responsible for the price jump: the cupola sale at 141 Fifth Avenue and the sales at Karl Fischer's 263 Bowery, which pushed the average price per square foot on the Lower East Side over the $1,000 milestone. We guess this spells good things for rendering twin 427 East 12th Street.
The numbers are also up in Brooklyn, but the increase isn't as notable. Prices per square foot are up 2 percent, and average sales prices are up 10 percent year-over-year. Brooklyn has The Knick and On Prospect Park's penthouses to thank for that. Not helping was Greenpoint, where prices dropped by about 5 percent and closings fell by 50 percent. You do hate to see that.
Here's the visual Brooklyn breakdown: